ACTIVE

Nivaco

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Financial year 2025 · closed on 31/12/2025

Net result

142 k €

-8.6% YoY

Gross margin

97 k €

-2.2% YoY

Equity

991,7 k €

+16.7% YoY

What does Nivaco do?

Nivaco is a Private limited company incorporated in 2003. Its main activity is: Activities of holding companies. Its registered office is in Hasselt.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0860.184.023

Incorporation

22/08/2003

Legal form

Private limited company

Registered office

Vijversstraat 3
3500 Hasselt · FlandreSee on map

Contributed capital

20 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 68201Rental and operating of own or leased real estate 68201Rental and operating of own or leased real estate 68203Rental and operating of own or leased real estate 68203Rental and operating of own or leased real estate

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	97 k €	-2.2%	99,1 k €	+12.2%	88,3 k €	-2.1%	90,2 k €	+20.4%	74,9 k €	-8.9%	82,2 k €	+51.7%	54,2 k €	-15.1%	63,8 k €	+55.4%	41,1 k €	+34.5%	30,5 k €	-14.1%	35,5 k €	+2.5%	34,7 k €	+1.8%	34 k €	+12.7%	30,2 k €	-13.5%	34,9 k €	+12.2%	31,1 k €	+14.0%	27,3 k €	-10.6%	30,6 k €	+0.7%	30,4 k €	+9.8%	27,7 k €
EBITDA	90,6 k €	-2.7%	93,2 k €	+11.3%	83,7 k €	+2.7%	81,5 k €	+20.3%	67,8 k €	-9.9%	75,2 k €	+59.9%	47,1 k €	-17.6%	57,1 k €	+63.4%	34,9 k €	+49.7%	23,3 k €	-20.8%	29,5 k €	+3.0%	28,6 k €	+1.2%	28,3 k €	+14.6%	24,7 k €	-16.0%	29,4 k €	+23.8%	23,8 k €	-4.6%	24,9 k €	-3.4%	25,8 k €	-1.7%	26,2 k €	+12.5%	23,3 k €
Operating result	53,1 k €	-9.5%	58,7 k €	-0.1%	58,8 k €	+5.9%	55,5 k €	+5.0%	52,8 k €	-12.1%	60,1 k €	+89.5%	31,7 k €	-24.2%	41,8 k €	+113%	19,7 k €	+158%	7,6 k €	-50.1%	15,3 k €	+5.8%	14,5 k €	-4.0%	15,1 k €	+24.1%	12,2 k €	-30.3%	17,4 k €	+48.0%	11,8 k €	-8.9%	12,9 k €	-7.8%	14 k €	-3.0%	14,5 k €	+25.2%	11,6 k €
Net result	142 k €	-8.6%	155,3 k €	+16.9%	132,9 k €	+9.7%	121,2 k €	-43.9%	216,1 k €	+24.5%	173,6 k €	+1019%	15,5 k €	-35.4%	24 k €	+165%	9 k €	+173%	-12,3 k €	-286%	6,6 k €	+13.8%	5,8 k €	+8.1%	5,4 k €	+110%	2,6 k €	-60.4%	6,5 k €	+5243%	121,2 €	-95.0%	2,4 k €	-76.7%	10,5 k €	+251%	-6,9 k €	-1257%	-510 €
Balance sheet
Equity	991,7 k €	+16.7%	849,7 k €	+17.0%	726 k €	+22.4%	593,1 k €	+25.7%	471,9 k €	+84.5%	255,8 k €	+191%	88 k €	+21.4%	72,5 k €	+49.1%	48,7 k €	+22.8%	39,6 k €	-23.7%	51,9 k €	+14.6%	45,3 k €	+14.8%	39,5 k €	+15.8%	34,1 k €	-53.6%	73,5 k €	+9.7%	67 k €	+0.2%	66,9 k €	+3.8%	64,5 k €	+19.4%	54 k €	-11.4%	60,9 k €
Total assets	1,3 M €	+9.0%	1,2 M €	+49.9%	794,2 k €	+9.0%	728,5 k €	+22.1%	596,5 k €	+21.5%	491 k €	+1.9%	482 k €	-1.5%	489,4 k €	-2.9%	504,1 k €	-5.5%	533,2 k €	+188%	185,1 k €	-5.6%	196 k €	-0.7%	197,3 k €	-26.6%	268,9 k €	-1.9%	274,2 k €	-1.9%	279,4 k €	-1.6%	283,8 k €	-3.0%	292,5 k €	+1.0%	289,7 k €	-5.6%	306,7 k €
Cash	214,2 k €	+148%	86,5 k €	-13.9%	100,5 k €	-13.7%	116,4 k €	+905%	11,6 k €	-58.1%	27,6 k €	+75.5%	15,7 k €	+835%	1,7 k €	-70.5%	5,7 k €	-81.4%	30,7 k €	+8.5%	28,3 k €	-2.9%	29,1 k €	+16.0%	25,1 k €	-73.7%	95,6 k €	+0.9%	94,7 k €	+139%	39,6 k €	+23.5%	32 k €	+11.5%	28,7 k €	+103%	14,1 k €	-27.2%	19,4 k €
Debts	304,3 k €	-10.1%	338,3 k €	+402%	67,4 k €	-49.9%	134,5 k €	+8.8%	123,7 k €	-47.2%	234,3 k €	-40.5%	393,9 k €	-5.3%	416,1 k €	-8.4%	454,1 k €	-7.7%	492,2 k €	+274%	131,7 k €	-11.8%	149,3 k €	-4.6%	156,4 k €	-32.8%	232,8 k €	+16.6%	199,8 k €	-5.9%	212,2 k €	-2.2%	216,9 k €	-4.9%	228 k €	-3.2%	235,7 k €	-4.1%	245,8 k €
Other
Workforce	–		0,0 ETP		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 10 ended

Active mandates

NIELS VAES

Director · since 16 décembre 2016

Active

Ended mandates

Bart Maris

Manager · since 17 décembre 2012 · until 19 décembre 2016

Ended

Bart Maris

Manager · since 17 décembre 2012

Ended

Carine Lemmens

Manager · since 17 décembre 2012 · until 19 décembre 2016

Ended

Carine Lemmens

Manager · since 17 décembre 2012

Ended

At this address

Other companies at this address

Company	CBE no.
BAKKERIJ MARIS● Active	0480.297.478

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	17/08/2026	22/07/2025	12/07/2024	13/07/2023	13/07/2022	28/06/2021
General meeting	25/06/2026	25/06/2025	29/06/2024	30/06/2023	30/06/2022	25/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	25/06/2026	17/08/2026	Dutch	PDF
Abridged model	31/12/2024	25/06/2025	22/07/2025	Dutch	PDF
Abridged model	31/12/2023	29/06/2024	12/07/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	13/07/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	13/07/2022	Dutch	PDF
Abridged model	31/12/2020	25/06/2021	28/06/2021	Dutch	PDF
Abridged model	31/12/2019	25/06/2020	01/07/2020	Dutch	PDF
Abridged model	31/12/2018	25/06/2019	03/07/2019	Dutch	PDF
Abridged model	31/12/2017	30/06/2018	18/07/2018	Dutch	PDF
Abridged model	31/12/2016	30/10/2017	31/10/2017	Dutch	PDF
Abridged model	31/12/2015	30/06/2016	27/07/2016	Dutch	PDF
Abridged model	31/12/2014	25/06/2015	24/08/2015	Dutch	PDF
Abridged model	31/12/2013	25/06/2014	22/07/2014	Dutch	PDF
Abridged model	31/12/2012	28/06/2013	30/08/2013	Dutch	PDF
Abridged model	31/12/2011	25/06/2012	29/08/2012	Dutch	PDF
Abridged model	31/12/2010	28/06/2011	18/08/2011	Dutch	PDF
Abridged model	31/12/2009	28/06/2010	27/09/2010	Dutch	PDF
Abridged model	31/12/2008	25/06/2009	31/08/2009	Dutch	PDF
Abridged model	31/12/2007	25/06/2008	09/09/2008	Dutch	PDF
Abridged model	31/12/2006	25/06/2007	30/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 10 ended

Active mandates

NIELS VAES

Director · since 16 décembre 2016

Active

Ended mandates

Bart Maris

Manager · since 17 décembre 2012 · until 19 décembre 2016

Ended

Bart Maris

Manager · since 17 décembre 2012

Ended

Carine Lemmens

Manager · since 17 décembre 2012 · until 19 décembre 2016

Ended

Carine Lemmens

Manager · since 17 décembre 2012

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates22/03/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates18/01/2017
BENAMING - ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/01/2013
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM
PDF
Mandates28/09/2011
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/10/2009
ONTSLAGEN - BENOEMINGEN
PDF
Other29/08/2003
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025142 k €↓
2024
Annual accounts 2024155,3 k €↑
2023
Annual accounts 2023132,9 k €↑
2022
Annual accounts 2022121,2 k €↓
2021
Annual accounts 2021216,1 k €↑
2020
Annual accounts 2020173,6 k €↑
2019
Annual accounts 201915,5 k €↓
2018
Annual accounts 201824 k €↑
2017
Annual accounts 20179 k €↑
2016
Annual accounts 2016-12,3 k €↓
2016
Name changeNivaco
2015
Annual accounts 20156,6 k €↑
2014
Annual accounts 20145,8 k €↑
2013
Annual accounts 20135,4 k €↑
2012
Annual accounts 20122,6 k €↓
2011
Annual accounts 20116,5 k €↑
2010
Annual accounts 2010121,2 €↓
2009
Annual accounts 20092,4 k €↓
2008
Annual accounts 200810,5 k €↑
2007
Annual accounts 2007-6,9 k €↓
2006
Annual accounts 2006-510 €
2006
Name changeM.L.
22/08/2003
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Nivaco

Overview

What does Nivaco do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline